Rick Santelli: The Man Who Talked Back

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encurnink of AL 6:01AM October 06, 2009

+1

soundtracks of AL 6:16AM July 17, 2009

I am glad to see some progress being made on a plan to reduce the number of foreclosures because foreclosure is the root of this economic problem. BUT WAKE UP there is no need to modify mortgages there is a need to rework the payment of the mortgages. I deal with people every day that have lost their home to foreclosure and even get an occasional call from some that are behind on their mortgage or in the foreclosure process, THEY DO NOT EXPECT ANYONE TO REDUCE THE PRINCIPAL ON THEIR MORTGAGE THEY NEED TEMPORARY RELIEF FROM A PAYMENT THEY CAN NOT AFFORD. Come up with a plan that temporarily reduces the mortgage payment to an amount the family can afford and put the unpaid amount back into the loan. The unpaid amount could be carried as an accounts receivable on the lenders balance sheet or converted into principal on the mortgage, increasing the assets of the lender freeing up the lenders ability to lend.

We need to avoid foreclosures it is the root of this economic problem we are in. Foreclosure increases the number of homes on the market, reduces the number of eligible homeowners, this in turn decreasing the values of everyone’s home. As home values decrease the likelihood of refinance or a modification that works decreases and as we have seen lower interest rates, moratoriums, public assistance and the like are not working and more people find themselves unable to make their payments and avoid foreclosure.

People/Families do not want to lose their homes, and are willing to do anything to stay in them but can’t because of an economy that is spiraling out of control. These people/families are not asking to have the principal on their home reduces they just need a temporary reduction in their payment as they find themselves unable to make the full mortgage payment, pay increasing utility bills, put more costly food on the table and cover ever increasing transportation costs that get them to and from the job that pays those bills, while earning the same or less because of our ailing economy. Normally downsizing would be an option of avoiding foreclosure when a family found they were unable to afford the mortgage but with the decreasing values of homes most find themselves owing more than the home is worth eliminating this option and leaving them no choose other than foreclosure.

As we all know the public’s opinion of bailing out trouble homeowners is not taken well. A plan that temporarily reduced mortgage payments and does not reduce the total amount due would receive much more support. One other plan that would go over well with the public that does find a way to make the mortgage payment would be to set up a GOVERNMENT GOOD BANK and offer low interest rate loans (a point below market value per say), the banks would get the cash they need from the loans that are paid off and they would be left dealing with the mess they put themselves into. Posted by Bob Patrick Movin-On LLC www.mortgagetrainingprogram.com

Bob Patrick of CT 9:50AM March 10, 2009

You people support the bank bailout, the idiots who made the bad loans but yet it is somehow crazy to bailout the poor people preyed upon by predatory lenders? That is utterly ridiculous, but that is how you rich people tend to think it seems.

Sean Kennedy of WA 2:44AM March 05, 2009